FIS Spring Econ Exam Practice Questions

Quiz
•
Other
•
12th Grade
•
Hard
Alexis Partee
FREE Resource
33 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Over the short term, which of the following is not an advantage to free trade?
Greater choice of products for consumers and lower prices
Higher wages for domestic workers and greater employment
Greater competition and more efficiency in production
Benefits for producers arising from the ability to sell in other market
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
When a country liberalises its foreign trade (reduces trade protection), it may create unemployment in:
all industries of the economy
industries that compete with imports
industries that produce for export
industries that produce only for the domestic economy
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A quota on imports is:
a legal limit on the quantity of imports
a tax on imports
a subsidy on imports
a combination of tax and legal limit on imports
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Dumping involves:
selling a good abroad at a price that is higher than the cost of producing it.
selling a good abroad at a price that is lower than the cost of producing it.
selling goods abroad for which there is no market in the domestic economy.
importing goods from other countries that no one else wants.
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Infant industries should be granted trade protection on the grounds that:
firms that face competition should be protected.
new small firms are unable to compete fairly with large established firms.
they ensure supplies of needed products to the domestic economy.
they can be used to overcome a trade deficit.
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
When a tariff is imposed on a good:
domestic producers lose.
domestic consumers lose.
foreign producers gain.
domestic workers lose
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Administrative barriers refer to measures that:
are a type of trade protection
can be used as hidden protection
may consist of health, safety or environmental standards
all of the above
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